Exemption from exam of Independent Director

[Harsh Khandelwal]

Dear Members,

Can someone pls share the criteria for individuals who just need to register themselves with the Database but are exempted from giving the proficiency exam to become Independent Director.

[Harsh Khandelwal]

Thanks Ritu Ji.

I was actually confused between the 3 yrs and 10 yrs applicability.

But after reading the Rule 6 of Chapter XI, it's clear now.

Also, the IICA website shows the incorrect exemption details (10 years for Director &. KMP provision).

On Fri, 26 Apr 2024, 10:37 ACS Rituu TOMAR, <tomar....@gmail.com> wrote:

refer rule 6. Compliances required by a person eligible and willing to be appointed as an independent director  of 

Chapter XI The Companies (Appointment and Qualifications of Directors) Rules, 2014

below are exemptions:

within one year of inclusion of his name. The MCA circular amends the rules and provides relaxation for passing the self-assessment test within two years by an individual.

The MCA circular further provides relaxation to individuals who need not pass the self-assessment test if they come under the exemption clauses. An individual need not pass the test when he has served for three years from the date of including his name in the data bank if:

• An individual is a director or key managerial personnel in one or more of the following:
  • A listed public company.
  • An unlisted public company which has a paid-up share capital of Rs.10 crore or more.
  • The body corporate which is listed on any recognised stock exchange or in the country which is a Member State of the Financial Action Task Force on Money Laundering and the regulator of the securities market of such Member State is a member of the International Organization of Securities Commissions.
  • Bodies Corporate incorporated outside India having paid-up share capital of US$ 2 million or more.
  • The Statutory corporations set up under an Act of Parliament or any State Legislature carrying on commercial activities.
• An individual is in the pay scale of Director or above and having an experience in the matters relating to securities laws or corporate laws or economic laws in the: 
  • Ministry of Corporate Affairs.
  • Ministry of Finance.
  • Ministry of Commerce and Industry.
  • Ministry of Heavy Industries and Public Enterprises.
• An individual is in the pay scale of Chief General Manager or above and having experience in the matters relating to securities laws or corporate laws or economic laws in the: 
  • Securities and Exchange Board.
  • Insurance Regulatory and Development Authority of India.
  • Pension Fund Regulatory and Development Authority.

For calculation of three years of an individual, any period during which an individual was acting as key managerial personnel or a director in two or more companies at the same time shall be counted only once.

On Thu, Apr 25, 2024 at 11:36 PM Harsh Khandelwal <aadisrm...@gmail.com> wrote:

Dear Members,

Can someone pls share the criteria for individuals who just need to register themselves with the Database but are exempted from giving the proficiency exam to become Independent Director.

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THANK YOU & REGARDS

Ritu tomar COMPANY SECRETARY 8377964262  |  tomar....@gmail.com

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[Rahul Agarwal]

can you please share MCA circular PDF Copy with circular number

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Thanks & Regards

Rahul Agarwal

ACS

[Harsh Khandelwal]

Hi Rahul Ji,

I haven't came accross any such circular, but you can read the Rule 6 of Chapter XI. It's mentioned there regarding the exemptions for online test.

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